Adjusted for divergences, slippages continue to stay elevated: Q3FY18 slippages were up 8.8% qoq compared to Q2FY18 slippages (adjusted for the Rs48.7bn divergence component). However, the higher slippages did not reduce the stressed assets pool', which comprises BB and below rated' assets (Rs161bn, +2% qoq). The NPL conversion rate from this pool has continued the pace of ~Rs25bn/quarter and the management has remained guarded in identifying a timeline for its slowdown. Recoveries & upgrades driven by 2 major accounts: AXSB recovered/upgraded Rs40.1bn NPLs, of which, up to Rs22.7bn were contributed by the divergent Steel and...